Title: Awareness Workshop for CMA Employees on Regulatory Developments Related to Sustainability

Kuwait, February 10, 2024 – As part of CMA’s endeavor to establish and develop the appropriate legislative environment that keeps pace with the rapid developments in environmental, social, and corporate governance (ESG) sustainability issues, the CMA held an internal awareness workshop for its employees. The workshop was attended by representatives from the Central Bank of Kuwait on Wednesday 31/1/2024. This workshop builds upon the awareness efforts related to environmental, social, and corporate governance (ESG) sustainability topics.

This workshop was presented by experts in this field from Meras Consulting Office and Verityv. It  discussed the following topics:
• Sustainability reports areas.
• The role of the regulatory bodies in supporting a fair energy transition and the expected financial risks associated with it.
• Key international sustainability standards.
• The existing market gap with regards to the availability of financial impact measurement data for sustainability risks and opportunities, and the double materiality principle.
• The importance of localizing the sustainability solutions and preparing related reports in the State of Kuwait to become a pioneer in the sustainability reporting.

Moreover, the workshop focused on discussing the new standards of IFRS S1 and IFRS S2 that were issued by the International Sustainability Standards Board (ISSB) for the purpose of providing a unified language for investors to read the sustainability factors that have a material impact on companies. These standards are expected to be applied on the financial reports of 2024 that will be issued in the beginning of 2025; however, the ISSB left the discretionary power for the local regulatory entities in each country to enforce the mandatory and methodological application of these standards.

In conclusion, in line with the CMA’s pursuit for the market stability, the CMA continues its systematic approach to raise awareness of these standards and assess  readiness of listed companies  to incorporate these standards upon preparation of their financial statements.

Ends-

Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.

For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw